Day two of the US presidential election leads to another rally in markets as the projected blue wave seems to have sputtered out. Even with a projected President Biden, the Senate looks to stay red which is generally supportive of markets. Mike Lewis, managing director of U.S. equity cash trading at Barclays, on CNBC’s “Squawk Box.” “I think that the outlook going forward for markets is this is going to be more about policy and the Fed than it’s going to be about politics, which is a good thing for markets.”
- S&P 500: 2.9%
- Nasdaq: 4.55%
- Dow Jones: 2.36%
Among other things, analysts warn that a delayed result would hamper the ability of Washington to pass additional fiscal stimulus amid a jump in Covid-19 cases.
Oil and Gas News Today
Oil prices rally back to the $39 range amid an 8 million bbl, bullish for the markets amid the election still being undecided. Crude oil prices currently trading around $39.17, but over 4% on the day. Natural gas market trade neutral as midler temps swoop in amid some production from Zeta coming back online. Natural gas pricings currently trading around $3.042 at 12:22 PM MST. “The overnight data yet again showed less cold air into” the central United States “as upper high pressure over the East effectively blocks it to keep highs of 60s to 80s going over much of the southern and eastern United States for light demand,” NatGasWeather said.
North American Shale News
- Crude oil inventories: 8 mm bbl draw
- Texas Railroad Commission swings Republican (are we really shocked)
- Alaska North Slope tax hike appears to be losing..
International
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Read More: Energy News Beat: #151 – 11/4/2020 – Hosted by Michael Tanner